Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PHYS	SPROTT PHYSICAL GOLD TRUST	1,478,918	$18.01M	6.0%	$9.77	—	UNIT	85207H104
—	PINNACLE FINL PARTNERS INC	234,502	$15.01M	5.0%	$59.28	—	COM	72346Q104
—	CENTERSTATE BK CORP	560,697	$14.01M	4.6%	$15.76	—	COM	15201P109
—	SANDY SPRING BANCORP INC	365,153	$13.83M	4.6%	$32.29	—	COM	800363103
—	SYNOVUS FINL CORP	340,773	$13.36M	4.4%	$31.77	—	COM NEW	87161C501
BANR	BANNER CORP	231,336	$13.09M	4.3%	$35.91	+21.7%	COM NEW	06652V208
HWC	HANCOCK WHITNEY CORPORATION	282,538	$12.4M	4.1%	$41.51	-2.3%	COM	410120109
FBNC	FIRST BANCORP N C	290,163	$11.58M	3.8%	$29.79	+11.1%	COM	318910106
BANC	BANC OF CALIFORNIA INC	639,499	$10.99M	3.6%	$13.01	+1.5%	COM	05990K106
ZION	ZIONS BANCORPORATION N A	204,518	$10.62M	3.5%	$42.55	+14.1%	COM	989701107
—	VERITEX HLDGS INC	363,636	$10.59M	3.5%	$25.32	—	COM	923451108
—	CADENCE BANCORPORATION	583,454	$10.58M	3.5%	$18.13	—	CL A	12739A100
—	PEOPLES UTAH BANCORP	348,221	$10.49M	3.5%	$24.61	—	COM	712706209
HTH	HILLTOP HOLDINGS INC	377,541	$9.412M	3.1%	$19.84	+23.1%	COM	432748101
RF	REGIONS FINL CORP NEW	515,059	$8.838M	2.9%	$9.30	+37.5%	COM	7591EP100
EQBK	EQUITY BANCSHARES INC	264,072	$8.152M	2.7%	$32.84	-18.3%	COM CL A	29460X109
TFIN	TRIUMPH BANCORP INC	212,980	$8.098M	2.7%	$36.22	-4.7%	COM	89679E300
HFWA	HERITAGE FINL CORP WASH	261,130	$7.39M	2.4%	$19.10	+44.4%	COM	42722X106
ISTR	INVESTAR HLDG CORP	287,137	$6.891M	2.3%	$23.21	+6.0%	COM	46134L105
ABCB	AMERIS BANCORP	156,289	$6.649M	2.2%	$41.47	-6.1%	COM	03076K108
—	BMC STK HLDGS INC	201,008	$5.767M	1.9%	$18.72	—	COM	05591B109
—	IBERIABANK CORP	70,874	$5.304M	1.8%	$77.45	—	COM	450828108
SMBK	SMARTFINANCIAL INC	219,337	$5.187M	1.7%	$21.73	+1.3%	COM NEW	83190L208
—	PACWEST BANCORP DEL	134,090	$5.132M	1.7%	$43.44	—	COM	695263103
BKU	BANKUNITED INC	135,000	$4.936M	1.6%	$28.27	0.0%	COM	06652K103
FNV	FRANCO NEVADA CORP	44,000	$4.545M	1.5%	$64.58	+41.6%	COM	351858105
—	UMPQUA HLDGS CORP	255,000	$4.514M	1.5%	$17.70	—	COM	904214103
GDX	VANECK VECTORS ETF TRUST	151,000	$4.421M	1.5%	$21.49	—	GOLD MINERS ETF	92189F106
—	AIR TRANSPORT SERVICES GRP I	185,905	$4.361M	1.4%	$21.98	—	COM	00922R105
—	UNIVERSAL STAINLESS & ALLOY	279,639	$4.167M	1.4%	$21.84	—	COM	913837100
GBCI	GLACIER BANCORP INC NEW	89,322	$4.108M	1.4%	$20.66	+71.7%	COM	37637Q105
NEM	NEWMONT GOLDCORP CORPORATION	93,850	$4.078M	1.3%	$26.46	+23.6%	COM	651639106
—	UNIVAR SOLUTIONS INC	164,626	$3.991M	1.3%	$22.15	—	COM	91336L107
CMCO	COLUMBUS MCKINNON CORP N Y	99,565	$3.986M	1.3%	$24.23	+50.9%	COM	199333105
—	ENCORE WIRE CORP	60,651	$3.481M	1.1%	$43.41	—	COM	292562105
—	MACQUARIE INFRASTRUCTURE COR	74,084	$3.174M	1.0%	$39.47	—	COM	55608B105
FHN	FIRST HORIZON NATL CORP	169,947	$2.814M	0.9%	$12.70	+0.8%	COM	320517105
OBK	ORIGIN BANCORP INC	66,764	$2.526M	0.8%	$38.81	-9.7%	COM	68621T102
—	KLX ENERGY SERVICS HOLDNGS I	174,788	$1.126M	0.4%	$30.11	—	COM	48253L106
VEU	VANGUARD INTL EQUITY INDEX F	17,623	$947K	0.3%	$48.76	—	ALLWRLD EX US	922042775
SRI	STONERIDGE INC	30,000	$880K	0.3%	$30.13	+2.2%	COM	86183P102
PID	INVESCO EXCHANGE TRADED FD T	42,500	$725K	0.2%	$15.60	—	INTL DIVI ACHI	46137V548
EFA	ISHARES TR	9,000	$625K	0.2%	$57.33	—	MSCI EAFE ETF	464287465
DVY	ISHARES TR	5,484	$579K	0.2%	$64.00	—	SELECT DIVID ETF	464287168
FNF	FIDELITY NATIONAL FINANCIAL	10,281	$466K	0.2%	$15.86	+112.2%	FNF GROUP COM	31620R303
WM	WASTE MGMT INC DEL	3,406	$388K	0.1%	$38.48	+165.3%	COM	94106L109
—	VANGUARD WORLD FDS	1,200	$294K	0.1%	$200.83	—	INF TECH ETF	92204a702
JNJ	JOHNSON & JOHNSON	1,550	$226K	0.1%	$59.66	+91.3%	COM	478160104